UniCredit's Profumo proposes 20-billion rescue fund

Head of Bank-Austria parent UniCredit, Alessandro Profumo, has announced his ambitions for a privately financed € 20 billion heavy rescue fund for troubled European banks.

The pot should come from voluntary contributions of leading European institutions.

Head of Bank-Austria parent UniCredit, Alessandro Profumo, has announced his ambitions for a privately financed € 20 billion heavy rescue fund for troubled European banks. Such a pot that is fed by voluntary contributions from leading European institutions requires no funding from the EU or its…